Rapper Snoop Dogg sold approximately 996,000 NFTs on Telegram within just 30 minutes on July 9, 2025, generating nearly $12 million in revenue. The sale leveraged Telegram's new "Gifts" feature built on the TON blockchain, where each NFT—priced at around $12—featured themed collectibles including vintage cars, marijuana accessories, swag bags, and digital dogs.
Telegram founder Pavel Durov confirmed the record sellout, noting that blockchain minting and secondary market trading will activate in 21 days. The NFTs offer dual utility: displayable on Telegram profiles and convertible into Stars, Telegram's in-app currency. Snoop Dogg strategically promoted the drop through his music video "Gifts," which included direct references to Telegram and Durov.
This success contrasts sharply with broader NFT market declines—Q1 2025 trading volume fell 61% year-over-year to $23.8 million, continuing a 20% annual drop in 2024. Analysts like Sara Gherghelas cite 2024 as one of the NFT sector's worst-performing years since 2020. Despite this, high-profile utility-driven projects (e.g., TravelX's 17M NFT flight tickets) suggest NFTs may be pivoting from speculation to social and functional applications.